Taiwanese investments in PH reached P32.3B
Taiwanese investments registered with the Philippine Economic Zone Authority (PEZA) reached P32.3 billion (approximately US$636 million), higher than the P24.7 billion (approximately US$486 million) cumulative investments from mainland China, said PEZA Deputy Director General Tereso Panga.
At the virtual Global Biz with Taiwan Panga stated that there are currently 112 PEZA-approved Taiwanese firms in the country, employing close to 40,000 Filipinos.
Panga also reported that Taiwan is the 7th largest foreign investor in the Philippines as of 2021.
With the signing of the Bilateral Investment Agreement and the New Southbound Trade Treaty between the two economies, PEZA aims to conduct investment and trade promotions to attract more Taiwanese investors.
The agency also plans to target strategic and high-tech industries from the East Asian country to provide “export diversification, labor-intensive and high-skilled jobs, knowledge transfer, enhanced local supply chain, and creation of industry clusters.”
PEZA Director General Charito B. Plaza said that they are projecting stronger growth next year as they host more Taiwanese investors in the Philippines’ “416 world-class and environment-friendly economic zones nationwide.”
